Starting Dynare (version 5.2). Calling Dynare with arguments: none Starting preprocessing of the model file ... Found 10 equation(s). Evaluating expressions...done Computing static model derivatives (order 1). Computing dynamic model derivatives (order 1). Processing outputs ... done Preprocessing completed. Residuals of the static equations: Equation number 1 : 0 : 1 Equation number 2 : 0.49398 : N Equation number 3 : 0.044851 : X Equation number 4 : 0 : R Equation number 5 : -0.75922 : Y Equation number 6 : 0 : 6 Equation number 7 : 0 : Lambda Equation number 8 : 3.7848e-06 : Tau Equation number 9 : 0 : 9 Equation number 10 : 0 : 10 [Warning: Some of the parameters have no value (par_sigma) when using steady. If these parameters are not initialized in a steadystate file or a steady_state_model-block, Dynare may not be able to solve the model. Note that simul, perfect_foresight_setup, and perfect_foresight_solver do not automatically call the steady state file.] STEADY-STATE RESULTS: C 0.766407 Y 0.96413 K 7.9089 N 0.396266 R 1.01523 X 0.0335459 Z 1 P 1 Lambda 1.30479 Tau 0.149626 EIGENVALUES: Modulus Real Imaginary 0.9255 0.9255 0 0.972 0.972 0 0.979 0.979 0 1.097 1.097 0 3.832e+18 -3.832e+18 0 There are 2 eigenvalue(s) larger than 1 in modulus for 2 forward-looking variable(s) The rank condition is verified. [Warning: Some of the parameters have no value (par_sigma) when using stoch_simul. If these parameters are not initialized in a steadystate file or a steady_state_model-block, Dynare may not be able to solve the model. Note that simul, perfect_foresight_setup, and perfect_foresight_solver do not automatically call the steady state file.] MODEL SUMMARY Number of variables: 10 Number of stochastic shocks: 2 Number of state variables: 3 Number of jumpers: 2 Number of static variables: 5 MATRIX OF COVARIANCE OF EXOGENOUS SHOCKS Variables e f e 0.000052 0.000000 f 0.000000 0.025760 POLICY AND TRANSITION FUNCTIONS C Y K N R X Z P Lambda Tau Constant 0.766407 0.964130 7.908905 0.396266 1.015228 0.033546 1.000000 1.000000 1.304790 0.149626 K(-1) 0.048216 -0.001245 0.925539 -0.025441 -0.005138 -0.002154 0 0 -0.082087 0.072331 Z(-1) 0.477296 1.641185 1.163889 0.427759 0.068479 0.036210 0.979000 0 -0.812586 0.716016 P(-1) 0.000002 0.000006 0.000004 0.000002 0 0.000003 0 0.972000 -0.000003 -1.117531 e 0.487535 1.676389 1.188855 0.436934 0.069948 0.036987 1.000000 0 -0.830016 0.731375 f 0.000002 0.000006 0.000004 0.000002 0 0.000003 0 1.000000 -0.000003 -1.149723 THEORETICAL MOMENTS VARIABLE MEAN STD. DEV. VARIANCE C 0.7664 0.0400 0.0016 Y 0.9641 0.0587 0.0034 K 7.9089 0.4996 0.2496 N 0.3963 0.0075 0.0001 R 1.0152 0.0013 0.0000 X 0.0335 0.0006 0.0000 Z 1.0000 0.0353 0.0012 P 1.0000 0.6830 0.4665 Lambda 1.3048 0.0682 0.0046 Tau 0.1496 0.7876 0.6203 VARIANCE DECOMPOSITION (in percent) e f C 100.00 0.00 Y 100.00 0.00 K 100.00 0.00 N 100.00 0.00 R 100.00 0.00 X 100.00 0.00 Z 100.00 0.00 P 0.00 100.00 Lambda 100.00 0.00 Tau 0.58 99.42 MATRIX OF CORRELATIONS Variables C Y K N R X Z P Lambda Tau C 1.0000 0.9556 0.9859 0.3120 -0.1171 0.3118 0.9571 0.0001 -1.0000 0.0762 Y 0.9556 1.0000 0.8927 0.5782 0.1808 0.5780 1.0000 0.0001 -0.9556 0.0728 K 0.9859 0.8927 1.0000 0.1486 -0.2817 0.1484 0.8950 0.0001 -0.9859 0.0751 N 0.3120 0.5782 0.1486 1.0000 0.9070 1.0000 0.5740 0.0001 -0.3120 0.0238 R -0.1171 0.1808 -0.2817 0.9070 1.0000 0.9071 0.1758 0.0000 0.1171 -0.0089 X 0.3118 0.5780 0.1484 1.0000 0.9071 1.0000 0.5738 0.0032 -0.3118 0.0206 Z 0.9571 1.0000 0.8950 0.5740 0.1758 0.5738 1.0000 0.0000 -0.9571 0.0730 P 0.0001 0.0001 0.0001 0.0001 0.0000 0.0032 0.0000 1.0000 -0.0001 -0.9971 Lambda -1.0000 -0.9556 -0.9859 -0.3120 0.1171 -0.3118 -0.9571 -0.0001 1.0000 -0.0762 Tau 0.0762 0.0728 0.0751 0.0238 -0.0089 0.0206 0.0730 -0.9971 -0.0762 1.0000 COEFFICIENTS OF AUTOCORRELATION Order 1 2 3 4 5 C 0.9959 0.9907 0.9844 0.9771 0.9690 Y 0.9786 0.9577 0.9372 0.9172 0.8977 K 0.9992 0.9969 0.9932 0.9884 0.9824 N 0.9069 0.8211 0.7420 0.6693 0.6023 R 0.9138 0.8343 0.7610 0.6933 0.6310 X 0.9069 0.8211 0.7420 0.6693 0.6023 Z 0.9790 0.9584 0.9383 0.9186 0.8993 P 0.9720 0.9448 0.9183 0.8926 0.8676 Lambda 0.9959 0.9907 0.9844 0.9771 0.9690 Tau 0.9721 0.9451 0.9187 0.8931 0.8682 Total computing time : 0h00m03s Note: warning(s) encountered in MATLAB/Octave code